Joint ventures in China – accounting implications

Abstract

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Exploring the role of accounting in the People’s Commune of China between 1958 and 1966

“…During the period 1949 to 1957, when China was using the Soviet Union’s accounting system, accounting research focused on the translation into Chinese of Soviet accounting literature and textbooks, as well as developing understanding of Soviet accounting regulations. Chinese accounting students were required to learn Russian, and many accounting educators were sent to study in the Soviet Union (Blake, 1995). In 1949, 53 colleges and universities offered accounting majors, with around 5,500 students enroled (Yang, 1988, pp.…”

“…Technically speaking, “application of funds” contains a similar meaning to assets, and “source of funds” to liabilities and equities in contemporary statements of financial position. However, in the socialist context, “source of funds” indicates socialist public ownership, and hence the terms are not interchangeable (Blake, 1995).…”